I don’t own much. Do I need a will? My children can decide. My spouse will get everything. These are all phrases that I often hear from clients who do not think they need a will. Everyone that owns something, whether a house, bank accounts, vehicles, or personal belongings needs a will or some type of estate plan. Wills can help establish a framework for how you want your assets distributed upon your death.
Wills can help avoid family disputes, guardianship for minor children, protect unmarried partners or even stepchildren. When someone passes away without a will, Georgia intestacy laws come into play. Intestacy laws are often not desired because unmarried partners, stepchildren or even sometimes spouses are not protected.
What is a will? A will is a legally binding statement of who will receive your property at your death. A will typically includes the appointment of an executor to manage the estate and if applicable, designates guardians for minor children.
Do wills go through probate? In Georgia a will generally must go through probate which is the legal process of validation. More advanced planning can involve trusts which avoids probate. However, everyone at least needs a will. It is much better going through the probate process with a will than without a will. Having a will is an essential part of estate planning to ensure your assets are safeguarded.
Whether a simple will or a more advanced trust is right for you depends on your personal goals, family needs, and the complexity of your estate but taking the time to plan now ensures your wishes are honored and your loved ones are protected.
Plan ahead. Get a will!